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Supervisor Safaie pitches targeted transfer‑tax reduction to unlock union‑built affordable housing projects
Summary
Supervisor Safaie introduced an ordinance to reduce real property transfer tax rates to 3% for certain high‑value property transfers that meet on‑site affordable unit, union labor and union pension investment criteria; he said the change could unblock stalled construction projects.
Supervisor Safaie introduced an ordinance on Sept. 3 to amend the city's Business and Tax Regulations Code to reduce certain real property transfer tax rates to 3% for qualifying transfers that meet specified affordable‑housing, union‑labor and pension‑investment criteria.
The proposed code change would reduce the transfer tax from 5.5% to 3% for transfers with consideration of at least $10 million but less than $25 million, and from 6% to 3% for transfers at or above $25 million, provided the transferred property includes at least 12%…
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